Bitcoin Price Prediction:Can BTC Continue its Uptrend of $35,000?

• Bitcoin price prediction shows that the market is bullish at the moment.
• BTC witnessed a year-to-date growth of 82%.
• Bitcoin is trading near an important resistance of $31,400.

Bitcoin (BTC) price prediction claims that the market is in a strong uptrend since the start of the year 2023. The price went up by 80% to its current market price of $30,131 from the swing low. The market started its recovery from the lower support of $15,500. BTC has been stuck in a bear market since it fell from its all-time high of $68,750.

Bitcoin has a total market cap of $585,388,186,134. The price is down 1.84% in the last 24 hours. The 24-hour trading volume witnessed a spike of 71.30%. Bitcoin has 92% of its total supply in circulation.

Bitcoin Follows A Strong Uptrend

Bitcoin’s price prediction unveils the bullish sentiments for the cryptocurrency since the start of the year. The price makes higher highs and higher lows while taking the support of a trendline. The market gained momentum as it broke the $25,000 resistance which was a significant one.

Recently, the BTC price broke out of a falling wedge pattern after testing the $25,000 level and made a jump of almost 15% to the resistance of $31,400. This falling wedge can be interpreted as a bull flag with a price target of $35,000. The market is getting consolidated near the resistance which is a good sign. The more time the market spends here, the chances of a breakout increase.

Can The Market Break The Resistance?

 In the 4-hour timeframe, the market is trading above the 200 EMA, which is a bullish sign. Bitcoin is trading in a range of $30,000–$31,400. The price may start moving once it breaks out of the range. Also, the 9 and 15 EMAs have turned flat, indicating a sideways market condition.

The overall trend remains bullish, and there are no signs of any reversal. The uptrend will remain intact as long as the price holds the trend line and keeps printing higher highs. The strong bullish sentiments and significant buying volume increase the likelihood of BTC reaching higher prices.

RSI

The RSI indicator is currently at 40.12 on the 4-hour timeframe. This represents slightly bearish to sideways market conditions. The price may be more biased to the downside but it lacks a strong momentum.

MACD

MACD and the signal indicators are running flat close to the 0 zero line. MACD made a bearish crossover. The small histogram bars indicate the lack of momentum in the market representing a sideways condition.

200 EMA

On the 4-hour chart, the price is trading above the 200 EMA (exponential moving average) which acts as a significant support. This indicates an uptrend where the buyers are in control. and For a trend reversal, the price must break and trade below the 200 EMA.

Conclusion

Bitcoin (BTC) price prediction claims that the market is in a strong uptrend since the start of the year 2023. The market is following an uptrend and the price is trading near an important resistance. Chances are that the BTC price may break the resistance and continue moving upward. Moreover, investors should navigate the current volatility with proper risk management.

Technical Levels

• The nearest support: $27,112
• The nearest resistance: $31,400        

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.